Many people think that accounting and finance are one in the same. They are not.

An accountant handles the day to day transactions of a business. This includes taxes, paying bills, payroll and collecting on invoices. A business will not function for very long without a solid accounting system.

A finance officer builds on the work of the accounting team. This includes analyzing financial statements, assisting the management team in planning for the future and negotiating financial terms with lenders.

Even though they are different, both accounting and finance are absolutely essential in growing a successful business.